Statistics: Hypothesis Testing – #8


Question: A newspaper in a large Midwestern city reported that the National Association of Realtors said that the mean home price last year was $116,800. The city housing department feels that this figure is too low. They randomly selected 66 home sales and find a mean of $118,900. It is known that σ is equal to $3701. Use a 5% level of significance to test the $116,800 figure.

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